According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Christopher Coffey (Coffey), previously associated with Allstate Financial Services, LLC, has at least one disclosable event. These events include one customer complaint, alleging that Coffey recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.
FINRA BrokerCheck shows a pending customer complaint with a damage request of $125,000.00 on March 27, 2025.
Claimant, age 64, alleges that Respondent and its Financial Advisor, Christopher Coffey, engaged in misconduct resulting in significant financial harm. In 2020, Coffey advised Claimant to liquidate an Athene annuity rather than execute a tax-deferred rollover. This recommendation triggered a taxable event of nearly $80,000 and a withdrawal penalty of approximately $47,000. Coffey allegedly assured Claimant that his investment strategies would offset these losses, a promise Claimant asserts was unrealistic given Coffey’s limited experience.\, \, Claimant alleges continued misconduct by Financial Advisor Christopher Coffey, including unauthorized communications and forged signatures on annuity applications in 2023, despite explicit instructions not to invest in annuities. The annuity provider ultimately reversed the transactions and waived penalties. Coffey was terminated by Respondent and sanctioned by FINRA. However, Claimant asserts that these actions do not remedy the approximately $125,000 in damages stemming from the original Athene annuity liquidation. The claim includes allegations of breach of fiduciary duty, negligence, breach of contract, fraud, misrepresentation, failure to supervise, negligent hiring, unsuitable investment recommendations, and violations of FINRA conduct rules.
When your financial advisor is providing advice they must adhere to the SEC’s Regulation Best Interest (Reg BI) rule and standard of care. Reg BI replaced the former “suitability” rule and created a ‘best interest’ standard for brokerage firms and registered representatives. This standard applies when a registered representative is providing investment advice through making recommendations customers and covers securities transaction, investment strategies, and recommendations concerning advice on opening of an account or accounts. This standard applies when a registered representative is providing investment advice through making recommendations customers and covers securities transaction, investment strategies, and recommendations concerning advice on opening of an account or accounts.
Next, the broker must understand the investor’s investment background and profile. A customer’s profile includes information that describes the investor’s financial situation and needs. Information here will include their outside securities accounts and investments; relevant assets and debts; tax bracket; age; liquidity needs; risk tolerance; investment time horizon; experience with investing; investment objectives; and any other relevant information that the investor may choose to disclose pertinent to their situation. The SEC has stated that Reg BI is drawn from fiduciary principles that are common to both brokers and investment advisors including an obligation to act in the investor’s best interest and prohibiting an advisor from placing their own interests ahead of the investor’s. Reg BI comes with different core obligations that brokers must comply with. There is the duty of care obligation requiring financial advisors to form a reasonable belief that their investment advice and recommendations are in the retail investor’s best interest among other duties. In order to do that the broker must evaluate the potential risks, rewards, and costs associated with a product, account type, or series of transactions being recommended.
Next, the broker must understand the investor’s investment background and profile. A customer’s profile includes information that describes the investor’s financial situation and needs. Information here will include their outside securities accounts and investments; relevant assets and debts; tax bracket; age; liquidity needs; risk tolerance; investment time horizon; experience with investing; investment objectives; and any other relevant information that the investor may choose to disclose pertinent to their situation. Finally, the financial advisor must use their knowledge of both their reasonable diligence into investment options as well as their knowledge of the investor’s client specific needs to consider reasonably available investment options. Those investment options must allow the broker to determine that there is a reasonable basis that the recommendation is in the retail investor’s best interest. An advisor must understand the type of account, securities, and their client in order to meet their care obligations. The type of securities account has the potential to greatly affect retail customers’ costs and investment returns. Different types of securities accounts can offer different features, products, or services, and not all types of accounts or services would be in every investor’s best interest.
Coffey has been in the securities industry for more than 5 years. Coffey has been registered as a Broker with Allstate Financial Services, LLC since 2019.
Investors who have suffered losses are encouraged to contact us at (800) 810-4262 for consultation. At Gana Weinstein LLP, our attorneys are experienced representing investors who have suffered securities losses due to the mishandling of their accounts. Claims may be brought in securities arbitration before FINRA. Our consultations are free of charge and the firm is only compensated if you recover.